Telemedicine can be characterized as a real-time service that uses telecommunication and information technology to provide clinical health care at a distance. Thanks to the modern technology advances, patient and healthcare professionals are given an opportunity to communicate at a distance.
Telemedicine services are offered using email, smart phones, video conference, wireless tools and other telecommunications technology means. Thanks to telemedicine, the overall cost of medical care decreases and efficiency increases as chronic diseases become better managed with the help of shared doctors and specialist staffing.
The telehealth market is projected to grow in the upcoming years. Such demand for an alternative method to see and treat patients is the result of several things. First, healthcare costs are rising. Chronic diseases are growing in number and becoming more widespread. Aged population is also increasing, and many hospitals are becoming unable to accommodate a growing number of patients.
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Zion Market Research, a market research company providing accurate market research reports and high-end data analytic solutions, has published a new report. According to the report, the global telemedicine market accounted for about $18.20 billion in 2016 and is expected to reach almost $38.00 billion by 2022, growing at a CAGR (compound annual growth rate) of approximately 14.0% between 2017 and 2022.
The telemedicine market can be characterized by the following segments ─ neurology, orthopedics, emergency care, internal medicine, gynecology, cardiology, dermatology, and others. Dermatology played a dominant role in the market, representing more than 25% share of the overall market. Neurology is projected to account for the fastest growth because of the increasing neurological complications like stroke, Alzheimer’s and Parkinson’s cases. Next come emergency care and cardiology.
When it comes to service, the market can be characterized by the following segments ─ telemonitoring, tele-education, teleconsultation, teletraining, telecare, and telesurgery. Teleconsultation was the top segment that represented a significant share in 2016.
Based on regional markets, the North America regional market is the largest in the global telemedicine market and is projected to play a dominant role all over the world. Based on revenue, Europe came after North America in 2016. The Europe telemedicine market is projected to grow significantly in the years to come.
According to RreportLinker, a technology company that simplifies how analysts and decision makers get industry data for their business, the global telemedicine market will grow at a CAGR of around 16.3% in the upcoming 10 years and will reach nearly $78.3 billion by 2025.